According to OneCard’s filings with the Ministry of Corporate Affairs, revenue from operations soared from Rs 83 crore to Rs 541 crore in FY23. Meanwhile, the company’s expenses rose sharply by 257 per cent to Rs 999 crore, primarily due to employee benefits, marketing and promotional costs, and card issuance expenses. Employee benefit costs specifically surged from Rs 43 crore to Rs 130 crore in FY23.
It’s worth noting that OneCard had a negative operating cash flow of Rs 571 crore in FY23, compared to Rs 308 crore in the previous fiscal year. Despite these challenges, OneCard has established itself as a successful digital credit card provider by offering co-branded credit cards in collaboration with banks such as IDFC First Bank, Federal Bank, and SBM Bank. They also provide value-added services like credit score tracking and the OneScore credit management app. Despite experiencing a significant increase in losses, the company’s operating revenue witnessed an impressive 6.5X jump.
Last year, OneCard achieved unicorn status after raising USD 100 million in a Series D funding round led by Temasek, with a valuation of USD 1.32 billion. The company’s other investors include Peak XV Partners, Matrix Partners India, QED Holdings, Hummingbird Ventures, MacRitchie Investments, Ocean View and various angel investors.
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